Are f & o transactions covered u/s 44ad

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 hi

are F & O Transactions covered u/s 44AD (Presumptive Taxation)if books are not maintained .

I am turnover is less than 1 crore & im having loss , will audit be compulsory u/s 44ab

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 July 2013 Yes. F&O transaction covered under Sec.44AD. how ever incase you want to claim the loss instead of showing 8% presumptive income , the books need to be audited

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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 Thanks Sir...

If i am claiming f & o loss & getting my books audited... Last date for ITR filing will be 31st July or 30 September .as my turnover is less than 1 crore

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 July 2013 since the audit is required,the due date of filing of income tax return is 30th September

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